Alhambra Investment Partners, LLC

The yield on the Japanese government’s 10-year paper traded negative yesterday for the 17th straight session. When Haruhiko Kuroda first announced his negative rate experimentation, the 10-year...

In the summer of 2014, repo fails suddenly surged out of nowhere. Between the events of the violent taper selloff in June 2013 and the first half of 2014, fails had been particularly calm if somewhat...

From June 2014 until late January 2015, oil prices (WTI) fell about 60%. From June 2015 until late January 2016, oil prices (WTI) fell about 60%. The exact track each annual trading history took to...

The latest JOLTS update finds total hires in January down by a rather large 372k, leaving the monthly seasonally-adjusted rate at still 5 million. Given that the estimated hires rate increased...

If there is any doubt as to the confusion inside the FOMC, one needs only to examine its models. The latest updated projections make a full mockery of both monetary policy and the theory that guides...

US Industrial Production contracted for the fourth consecutive month in February, falling 1.03% year-over-year. It was the third drop of more than 1% in those four months, leaving the 6-month average...

Last week the Federal Reserve updated its quarterly Financial Accounts of the United States Z1 (formerly Flow of Funds) meaning that we can recheck valuation levels of the stock bubble from alternate...

If China is most representative of the current state of the “dollar” economy, Brazil is surely most representative of its worst case. The country’s economy has been like China in...

Bond markets have made some dramatic moves over the last few weeks and I thought it an opportune time to review. Credit spreads have narrowed considerably over the last few weeks as risk takers have...

The Central Bank of Egypt auctioned $200 million at 8.85 per Egyptian pound rather than the prevailing 7.73. The inflationary move of devaluation is intended to help the country gain a more solid...

Biotech stocks have taken a beating the last few months, down roughly 35% since peaking in July of last year. And for good reason I think. Biotech at the top was sporting a pretty rich multiple, 25...

Industrial production for the combined January/February period in China fell to just 5.4%, matching the lowest growth rate of the past fourteen years. Only the January/February 2002 IP rate was lower,...

There is an ongoing mess in repo markets and not a lot of straightforward commentary about it. As usual, whenever any repo tenor trades highly special we hear only about the persistence and plethora...

China’s Total Social Financing hugely disappointed in February, as January’s surge was not followed as if renewed economic enthusiasm. The net flow was RMB 780 billion compared to the...

This past Wednesday, March 9th, marked the seven-year anniversary of the current U.S. bull market. The recent correction notwithstanding, this is quite an accomplishment considering that historically,...

Europe is not the only location seeking out more “inflation”, as almost any central bank around the world except Banco do Brasil would do anything to find it. The ECB provided more...